What Are the Best Properties to Produce Short Term Rental Income?
Large single and multi-family homes typically generate higher income. High-spending renters are often seeking accommodations for large events, such as college reunions, family reunions, multi-family vacations, business trips and weddings.
The number of bedrooms and bathrooms a house offers directly contributes to its earning potential. Investors that want to use their home as a vacation rental to generate extra income should purchase a house with at least three bedrooms. At the very least, common living areas should be large and open to attract vacationers with large families and groups.
Multiple family or group vacationers share expenses and are a critical component of income generation in short-term leasing. They are typically willing to select larger, higher-end rental properties because sharing costs allows them to enjoy more luxuries and still save money.
The highest income-generating properties are located on resort-style properties and include extras. Vacationers will be attracted to rentals that coordinate cleaning and maintenance. Concierge style services and on-property dining options will appeal to out-of-town vacationers who prefer convenience and client services to help them book activities.
Vacationers are more inclined to pay higher prices on homes with modern, open floor plans and spacious kitchens with cutting-edge appliances. Homes theaters and game rooms are also a plus, especially for renters planning an extended 2-3 week stay.
The most profitable homes are located on resort-style properties that feature expansive grounds with luscious landscaping and suite style bedrooms. Large pools, splash parks and kid centers as well as golf and tennis court access are also highly recommended. Each amenity equates to a higher rental value.
Rentals in the middle of nowhere will rarely attract customers. Investors should purchase homes near downtown areas with easy access to public transportation and/or major highways. Walt Disney homes for sale, for example, are a lucrative investment because they are in one of the world’s highest demanded destination locations.
For homes near major attractions, look for properties with outstanding management services that offer shuttles to nearby amusements and ticket arrangements for residents.
Furnished rentals will earn owners more income and cost them less over time. Purchasing a Walt Disney home for sale and outfitting it with stylish furniture and artwork will increase interest in the property.
It also means long-term vacation renters will not be dragging large items in and out of the home, risking damage to walls and floors. Furnished rentals also generate up to 30 percent more income per suite for long-term rentals and up to 400 percent more for short-term rentals.
Home buyers looking in Central Florida should consider purchasing a Walt Disney World home for sale because their location will ultimately yield the highest amount of rental income.